Frasers Hospitality Trust privatisation deal fails to gain shareholder approval

Frasers Hospitality Trust owns 14 assets in Asia, Australia and Europe, such as the InterContinental Singapore hotel (pictured). PHOTO: LIANHE ZAOBAO

SINGAPORE - Frasers Hospitality Trust said on Monday a proposal to take the trust private in a $1.35 billion deal had fallen through due to the failure to get enough shareholder vote in favour of the deal.

Only 74.88 per cent of shareholder votes were cast in favour of the take-private resolution, compared with the 75 per cent required for the resolution to pass.

The offeror, a wholly owned subsidiary of Frasers Property, had earlier this year proposed to take the trust private through a trust scheme of arrangement.

Under the scheme, it would acquire all of the hospitality trust's stapled securities - other than those held by Frasers Property and its subsidiaries, and TCC Group Investments - at 70 cents each in cash, which is above book value.

Frasers Hospitality Trust owns 14 assets in Asia, Australia in Europe, such as hotels and serviced apartments. In Singapore, it owns the InterContinental Singapore hotel at Middle Road, and serviced residences Frasers Suites Singapore in River Valley. REUTERS

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